Late on Thursday Westpac moved its 'Life' savings account for 18-29 year olds by 30 basis points for a total rate of 5.00% p.a.
This will become effective 12 May.
To attain the rate, savers must:
- Be aged 18-29
- Have a maximum balance of $30,000
- Grow their savings every month
- Make 5 card transactions on the linked Choice transaction account
Westpac beat CBA, NAB, and ANZ which all offer deposit rates in the mid-4% range.
The big bank joins ING, Bank of Queensland, Macquarie, RaboBank and Move Bank in the 5% savings account club.
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Savings Account News
